(PTI)
Petrol prices have scaled a 25-month peak following successive rate hikes by state oil companies in the last ten days. Since 19th November, petrol prices have risen by Rs 1.28 per litre while diesel prices are up by Rs 1.96 per litre. Petrol sold for Rs 82.34 per litre on Monday in Delhi, the highest since 19th October 2018. Diesel sold for Rs 72.42 a litre, the highest since 16th September this year.
Petrol and diesel rate rise has followed a sprint in international crude oil prices that are up a quarter in November. Crude oil is trading around $47 a barrel currently. Hopes that an effective vaccine could help contain the pandemic and the consequent demand damage, and the possibility that key producers’ cartel would roll over supply cut have boosted oil prices.
